First Merchants Corp reports 3.75% decrease in ownership of CFZ / Cullen/Frost Bankers, Inc.

Cullen/Frost Bankers, Inc.

DE ˙ DB ˙ US2298991090

116,00 € ↑3,00 (2,65%)

2026-06-03
DEL PRIS

Security	DE:CFZ / Cullen/Frost Bankers, Inc.
Institution	First Merchants Corp
Latest Disclosed Ownership	38,766 shares
Latest Disclosed Value	$ 5,314,043

On April 16, 2026 - First Merchants Corp filed a 13F-HR form disclosing ownership of 38,766 shares of Cullen/Frost Bankers, Inc. (DE:CFZ) valued at $4,613,154 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 12, 2026 disclosing 40,277 shares of Cullen/Frost Bankers, Inc.. This represents a change in shares of -3.75% during the quarter. The current value of the position is $4,496,856 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-04-16	2026-03-31	13F	CULLEN FROST BANKERS	Equities	229899109	38,766	-1,511	-3.75	5,314	4.20	0.1973
2026-01-12	2025-12-31	13F	CULLEN FROST BANKERS	Equities	229899109	40,277	43	0.11	5,100	0.00	0.1842
2025-10-22	2025-09-30	13F	CULLEN FROST BANKERS	Equities	229899109	40,234	-2,475	-5.80	5,100	-7.09	0.1923
2025-07-23	2025-06-30	13F	CULLEN FROST BANKERS	Equities	229899109	42,709	-1,751	-3.94	5,490	-1.38	0.2124
2025-04-24	2025-03-31	13F	CULLEN FROST BANKERS	Equities	229899109	44,460	-162	-0.36	5,566	-7.08	0.2221
2025-01-30	2024-12-31	13F	CULLEN FROST BANKERS	Equities	229899109	44,622	16	0.04	5,991	20.06	0.2301
2024-10-24	2024-09-30	13F	CULLEN FROST BANKERS	Equities	229899109	44,606	-1,801	-3.88	4,990	5.79	0.1905
2024-07-25	2024-06-30	13F	CULLEN FROST BANKERS	Equities	229899109	46,407	-1,119	-2.35	4,716	-11.83	0.1898
2024-04-25	2024-03-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	47,526	-829	-1.71	5,350	1.98	0.4023
2024-01-25	2023-12-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	48,355	75	0.16	5,246	19.12	0.4299
2023-10-26	2023-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	48,280	-2,573	-5.06	4,403	-19.48	0.3925
2023-07-25	2023-06-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	50,853	7,889	18.36	5,468	20.84	0.4624
2023-04-25	2023-03-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	42,964	24,200	128.97	4,526	80.42	0.4030
2023-01-26	2022-12-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	18,764	-1,474	-7.28	2,509	-6.28	0.2298
2022-10-25	2022-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	20,238	-1,056	-4.96	2,676	7.95	0.2679
2022-07-26	2022-06-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	21,294	16,280	324.69	2,479	257.20	0.2450
2022-04-26	2022-03-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	5,014	-30	-0.59	694	9.12	0.0568
2022-01-27	2021-12-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	5,044	-114	-2.21	636	3.92	0.0491
2021-10-26	2021-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	5,158	-10	-0.19	612	5.70	0.0390
2021-07-26	2021-06-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	5,168	-45	-0.86	579	2.12	0.0376
2021-04-22	2021-03-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	5,213	-21,806	-80.71	567	-75.93	0.0378
2021-01-28	2020-12-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	27,019	-285	-1.04	2,356	34.94	0.1623
2020-10-28	2020-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	27,304	-2,631	-8.79	1,746	-21.91	0.1330
2020-07-23	2020-06-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	29,935	4,366	17.08	2,236	56.69	0.1886
2020-04-23	2020-03-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	25,569	-440	-1.69	1,427	-43.89	0.1847
2020-01-30	2019-12-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	26,009	1,462	5.96	2,543	16.97	0.2603
2019-10-24	2019-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	24,547	2,154	9.62	2,174	3.67	0.2310
2019-07-25	2019-06-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	22,393	-875	-3.76	2,097	-7.13	0.3337
2019-04-25	2019-03-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	23,268	1,705	7.91	2,258	19.03	0.3646
2019-01-31	2018-12-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	21,563	616	2.94	1,897	-13.30	0.3641
2018-10-24	2018-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	20,947	461	2.25	2,188	-1.35	0.3587
2018-07-26	2018-06-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	20,486	8,654	73.14	2,218	76.73	0.3860
2018-04-26	2018-03-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	11,832	3,632	44.29	1,255	61.52	0.2107
2018-01-30	2017-12-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	8,200	3,190	63.67	777	63.24	0.1325
2017-10-31	2017-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	5,010	-50	-0.99	476	0.21	0.0822
2017-07-27	2017-06-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	5,060	0	0.00	475	5.32	0.1312
2017-04-27	2017-03-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	5,060	-125	-2.41	451	-1.31	0.1256
2017-01-26	2016-12-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	5,185	-55	-1.05	457	21.22	0.1354
2016-10-25	2016-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	5,240	-902	-14.69	377	-3.58	0.1209
2016-07-26	2016-06-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	6,142	-215	-3.38	391	11.71	0.1289
2016-04-26	2016-03-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	6,357	-5,137	-44.69	350	-49.28	0.1240
2016-02-01	2015-12-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	11,494	-8,512	-42.55	690	-45.75	0.2433
2015-10-22	2015-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	20,006	20,006	0.00	1,272		0.4542
2014-10-23	2014-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	0	-3,385	-100.00	0	-100.00
2014-07-24	2014-06-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	3,385	-8,325	-71.09	269	-70.37	0.0838
2014-04-29	2014-03-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	11,710	-7,919	-40.34	908	-37.85	0.2929
2014-01-31	2013-12-31	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	19,629	-605	-2.99	1,461	2.38	0.4798
2013-10-25	2013-09-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	20,234	-10,233	-33.59	1,427	-29.84	0.4837
2013-07-23	2013-06-30	13F	CULLEN FROST BANKERS COM	COMMON STOCK	229899109	30,467	30,467		2,034		0.7221

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.